Romanian developer One United Properties has sold Bucharest-based One North Gate, an office building spanning 4,500 sqm with an occupancy rate of 80%, to Element Investiții Imobiliare, owned by domestic investors, in a deal worth €6 million.
The seller owns a second building within the development, which will be transformed into the residential project One North Lofts. The development will be financed from the transaction proceeds. The new residential investment will feature 137 apartments and 237 parking spots. By the end of Q1, One United Properties has already sold close to half of the apartments and aims to complete the project in Q2 2024.
Following the sale, One United Properties’ office portfolio totals 118,000 sqm. Together with the retail component, the developer’s commercial portfolio has a leasable area of 160,000 sqm.
Shares in One United Properties were flat at 0.92 lei on Tuesday closing session on the Bucharest Stock Exchange (BVB).
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